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Global Smart City Platform Market to Grow at a CAGR of 49.20% During 2022-2027, Aided by the Growing Focus on the Smart Mobility System
According to a new report by EMR titled, ‘Global Smart City Platform Market Report and Forecast 2022-2027’, the market attained a value of nearly USD 15.1 billion in 2021. The industry is further expected to grow at a CAGR of 49.20% between 2022 and 2027 to reach USD 166.4 billion by 2027.
The rising application of smart city platform in the transportation sector is driving the market. These platforms help save time amid heavy traffic and also help passengers conserve energy due to their advanced features. In addition, smart city platform provides significant environmental benefits. Hence, the stringent government regulations aimed towards curbing carbon emissions are anticipated to be a major factor driving the market growth in the forecast period.
In October 2021, Microsoft Corporation (NASDAQ: MSFT) announced partnership with the Manila Municipal Government to accelerate digital transformation in Manila, the Philippines’ capital city, and bolster Microsoft’s goal of strengthening the city works internally. The parentship will aim at optimising the city’s “Go Manila” platform.
In terms of region, North America is anticipated to witness a considerable growth in the forecast period. The market in the region is driven by technological advancements and the presence of well-established infrastructure in various countries. The increased penetration of the internet of things (IoT) in the region is anticipated to be a major driving factor for the market expansion. Moreover, the growing research and development activities in the IT sector in countries like the United States is likely to provide impetus to the market in the forecast period.
Market Breakup by Platform Type, Application, Deployment, and Region:
- The market is segmented based on platform type into connectivity management platform, integration platform, device management platform, data management platform, and security management platform.
- The significant applications of smart city platform include smart mobility/transportation, smart security, smart utilities, smart governance, smart infrastructure, and smart healthcare, among others.
- By deployment, the market is divided into on-premise and cloud.
- Region-wise, the global market for smart city platform can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- The global market for smart city platform is being driven by the emergence of e-governance and smart transportation in the urban areas.
- The technological advancements in commercial and industrial sector are anticipated to augment the market in the forecast period.
- In addition, the growing adoption of the internet of things (IoT) and AI in emerging economies is anticipated to provide a further impetus to the market.
- The market is estimated to be further aided by the increasing digitalisation across the world.
Key Offerings of the Report:
- The EMR report gives an overview of the global market for smart city platform for the periods (2017-2021) and (2022-2027).
- The report also offers historical (2017-2021) and forecast (2022-2027) market information for the platform types, applications, deployments, and regions of smart city platform.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global smart city platform market are Hitachi Vantara LLC, Huawei Technologies Co., Ltd., Schneider Electric SE, Siemens Aktiengesellschaft, Cisco Systems, Inc., and IBM Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
About Us:
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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